Monthly GST revenue close to Rs 90,000 crore, says Finance Ministry

The finance ministry on Tuesday said in the Rajya Sabha that the average monthly goods and services tax (GST) collection in the July-January period stood at Rs 89,767 crore, higher than Rs 87,468 crore reported earlier.

The ministry, in another reply in the Upper House, said it had disbursed Rs 28,398 crores in the July-December period as compensation to states for the revenue shortfall in the GST regime. (PTI)

The finance ministry on Tuesday said in the Rajya Sabha that the average monthly goods and services tax (GST) collection in the July-January period stood at Rs 89,767 crore, higher than Rs 87,468 crore reported earlier. The government provides the collection figures a few days after the deadline for filing returns for a particular month expires. However, many taxpayers continue to file returns and pay taxes much after the deadline, thus leading to an increase in the collection at a later date. The ministry, in another reply in the Upper House, said it had disbursed Rs 28,398 crores in the July-December period as compensation to states for the revenue shortfall in the GST regime. In the same period, the government collected Rs 46,830 crore as compensation cess.

The revenues of states are protected at a projected growth rate of 14% calculated of the states’ revenue of base year 2015-16. In this period, Rs 4,130 crore was released as compensation to Karntaka, Rs 2,838 crore to Punjab, Rs 2,532 crore to Gujarat, Rs 2,119 to Bihar, Rs 1,911 crore to Rajasthan and Rs 1,520 crore to Uttar Pradesh.